Binance Made A Significant Move In The Cryptocurrency Ecosystem In India.

Binance Acquired WazirX, An Indian Crypto Exchange.
Binance Acquired WazirX, An Indian Crypto Exchange.
I'm sure you all must have heard of wazirX, a P2P (Peer-To-Peer) marketplace based in Mumbai, India. And, If you are into blockchain space, you might have traded as well on WazirX. It gives you an extra edge to connect with the trader to buy or sell your digital assets i.e., Bitcoin, Litecoin, Ripple & Ethereum, these are just few to name. Although, you'll find all the major cryptocurrencies on their platform to trade in INR, Indian Rupee.  

Anyways, It was launched in March, 2018 and since then it has seen a tremendous growth in terms of everything, be it the active users or volume, despite the Indian regulatory hiccups. According to source, the transaction was estimated at $5-$10 Million. 

Thanks to their p2p engine, which proved to be a game changer for their success. In the past, several Indian startups powered by blockchain & crypto exchange launched and most of them had seen the success perhaps had to shutdown their operations due to the lack of clear regulations from the Indian Supreme Court & Reserve Bank Of India (RBI). 

Now, Looking at the massive growth of home grown marketplace WazirX, an International Exchange Binance, which is counted to be a top exchanges globally has now acquired it. WazirX users will now be able to buy and sell most of the crypto i.e., Bitcoin in INR (Indian Rupee) on the Binance Fiat Gateway. 

Apart from that, Nischal Shetty, founder of WazirX, will continue to run its operations independently from India and has plans to scale their operations further to other nations to solve the crypto conversion problem using it's P2P marketplace.  

Binance CEO Changpeng Zhao said "The young demographic in India gives an edge to adopt and build on new financial technologies, and he believe this will play a vital role in making India a global blockchain innovation center to also spur cryptocurrency adoption throughout the larger public in the country”.

And we believe, this acquisition will certainly help in strengthening the blockchain ecosystem in India & motivate others to study the untouched space. 

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